I'm not going to claim that we should always look at the scabbard point up, and the blade example was just an example. What we have here is just, let's call it, 'artistic programme' which is intended to be viewed point up. In other case it wouldn't make any sense and, as Jim pointed it out, because you couldn't make a church with doors at narrower point. If someone would like to make any "occultic" upside-down crosses he wouldn't make a case with a church what is a lot of work.
The artistic programme might be different. We can see horizontal ones just like in Holbeins daggers and aswell there are horizontal inscriptions on the blade. Some of scabbards decoration are made point down and are making a whole composition with a handle. So there is no rule but logicality.
In my museum there is similiar in style dagger when you can see Otello with knife killing Desdemona, and it's pure romantic, 19th c. creation and yours looks just like that. It would be interesting to find out more iconographic sources for this lady.
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