Zechariah 9

I like reading Old Testament prophecies to prepare for Christmas.
Today I read Zechariah 9.

Some verses that struck me:

"City of Zion, be full of joy!
People of Jerusalem, shout!
See, your king comes to you,
He always does what is right.
He has the power to save.
He is gentle and riding on a donkey.
He is sitting on a donkey's colt...

I will set your prisoners free
from where their enemies are keeping them.
I will do it because of the blood
that put my covenant with you into effect."

I've been told that many Old Testament prophecies Christ have a two or threefold fulfillment.  One fulfillment was close to the time it was given.  Another fulfillment was in the life of Jesus.  The third fulfillment will be in the second coming.

I wonder what all this meant to the people who heard it the first time?  Did they recognize the first fulfillment?  Could any of them imagine what the second fulfillment would look like?  Would I have recognized Jesus as the one who was being predicted?  Could I have ever guessed whose blood would seal the covenant, or how it would be shed?

And I wonder what the final fulfillment will look like?  It is probably beyond my imagining.