Some traditional dispensationalists (e.g. Chafer, Major Bible Themes, 100) have understood the seventieth week as an extension of the period of the Mosaic Law as a reconstitution of its legal principles; e.g. God ordained Sabbath, sacrifices, etc. It is argued that since the sixty-nine weeks occurred during the dispensation of the Law, then it follows that the seventieth week will be a reconstitution of the Mosaic Law. Charlies Ryrie (Dispensationalism, 50), while a traditional dispensationalist himself, disagreed with some of his fellow dispensationalists who believed that the reconstitution of the Mosaic Law will occur during the seventieth week: “The principal objection to this view is simply that no other dispensation comes back into effect again once it has ended, and there is no question that the Mosaic Law ended with the first advent of Christ (Rom. 10:4; 2 Cor. 3:7–11).”
In addition, Ryrie, who held to seven dispensations, refuted other traditional dispensationalists who construed “The Tribulation” (i.e. the seventieth week) as a distinguishable, separate dispensation in itself, resulting then in eight dispensations within their theological system. Ryrie (Dispensationalism, 50–51) responded by giving good reasons for the continuity between the church age and the seventieth week, thereby militating the view that the seventieth week will be a new, distinguishable dispensation; e.g. observing Sabbath by unbelieving Jews in the present church age and during the seventieth week, and Gentiles and Jews coming to know Jesus through the preaching of the gospel of the cross in this present church age and during the seventieth week. Finally, since the sixty-nine weeks are never considered a separate, distinguishable dispensation, there is no good reason to consider the seventieth week as one. Ryrie’s view (Dispensationalism, 50–57) is that the seventieth week completes the final period of the dispensation of Grace, since it is characterized mostly by God’s judgments upon those who have rejected the gospel and expressions of Jewish and Gentile saints believing in Christ.
So the answer to our question is neither. It is simply the fulfillment of Daniel’s seventy weeks prophecy answering the question of Israel’s final salvation and the culmination of divine, Messianic accomplishments.