The answer to this question hinges on the meaning of "Last Days" (Acts 2:17). Was it Peter's time or our time or both or neither?
It comes as a rude shock to some that the New Testament calls the time after Jesus’ resurrection, the “last days”, or “last hour”, or similar. Note the following:
- Acts 2:17 – Peter calls the day of Pentecost the “last day” in fulfilment of the prophecy of Joel. Compare v29-32.
- 2 Tim 3:1 – perilous times in the “last day” which Paul discusses as already at his time.
- Heb 1:2 – “These last days” God is revealed in Jesus.
- James 5:3 – warning against rampant materialism and worship of money in the “last day”, that is, the time of James himself.
- 1 Peter 1:5 – Christians reveal God and are miraculously preserved in the “last time”.
- 1 Peter 1:20 – Jesus revealed in these “last times”.
- 2 Peter 3:3 – Peter writes about his time as the fulfilment of that spoken by the ancient prophets about the “last days”.
- 1 John 2:18 – Twice, John calls his time the “last hour”.
- Jude 18 – Jude describes his time as the fulfilment of ancient prophecies about the “last time”.
- Rev 2:16, 3:11, 22:7, 12, 20 – Jesus says, “I am coming soon/quickly”.
- Even in a passage like John 6:39, 40, 54 where Jesus refers to the resurrection at the “last day” (see below) that time began with His death, Matt 27:50-53.
It should not be surprising that eschatology is defined in terms of Jesus – four times in the book of Revelation (1:11, 17, 2:8, 22:13) Jesus is called “the first and the last”. Thus, Bible eschatology, is the study of the time after Jesus inaugurated His Kingdom of Heaven (Matt 3:2, 4:17, 23, 5:3, 10, 19, etc).
CONCLUSION
Since, we, as with Peter, live in the "last days", then Joel's prophecy applies to the time period between Jesus first and second advents because that is what the Bible calls the "last days".