A rising Bitcoin price is good for all other cryptocurrencies, including Monero.

Since there is no fiat onramp for any other cryptocurrency other than Bitcoin, we should welcome soaring Bitcoin prices because it means that new actual value is being injected into the crypto ecosystem. Without this new value injection, we will all be competing for the same sloshing pool of value in perpetuity. Eventually that fiat entering the Bitcoin ecosystem will also find its way into other blockchains as well.

This will hold true so long as fiat is the dominant form of value on the planet (which won't be changing for years). The only way to escape this sieve would be for another blockchain to establish legal and practical on-ramps into their own cryptocurrency - a daunting feat. Eventually Monero should strive for this goal so we aren't slaves to Bitcoin on-ramps any longer.

Just don't fret when you see Bitcoin soar and other cryptocurrencies temporarily take a hit - the Spring 2016 explosion in alt prices was likely directly enabled by the Fall 2015 explosion in Bitcoin prices. All money is a liquid, flowing from pool to pool, with the shapes of the pools determined by human perception and belief.