I need that when I am touching and holding one button then I should also be able to touch on the button 1.
This problem can easily be resolved using onTouchStart, onTouchEnd props of View component without using gesture responder methods.
So the modified code will look like
this.console("Button 2 Clicked")}>
BUTTON 2
this.console('Button 1 pressed')}
onTouchEnd={()=>this.console('Button 1 released')}>
BUTTON 1