CLAIM: This prophecy against Babylon was fulfilled in 529 BC (Dan. 5). However, it serves as a prophetic picture of the end-time destruction of Babylon as depicted in Isaiah 13, Jeremiah 50-51 and Revelation 17-18.
False.
“Babylon the great is fallen, is fallen”. The claim comes from the idea that the actual city of Babylon will be rebuilt. This is not supported by the text of Revelation, in this interpretation. Babylon is interpreted to be Rome (see here for further explanation why). The need for this to be a prophetic foreshadowing is not necessitated by the text. God may use similar judgments in the future, and all scripture is useful and should be studied, but the fit here is not as stated.