Gnostic Teachings:
..the flaming pentagram, the blazing star, the sign of divine omnipotence. This is the ineffable symbol of the Word made flesh, the terrifying star of the Magi.
When the pentagram elevates its two inferior rays towards the sky it represents Satan.
When the pentagram becomes light, it elevates only one of its rays towards the sky; this represents the internal Christ of every human being who comes into this world.
The human being with his legs and arms spread out to the right and left is the star of five points. Brain and sex live in an eternal struggle. Brain must control sex. When sex overcomes the brain, then the star of five points (the human being) falls into the abyss with the feet pointing upwards and the head pointing downwards; this is the inverted star, the male goat of Mendes. A human figure with the head aiming downwards and the feet aiming upwards naturally represents a demon.
The entire science of Gnosis is found summarized within the flaming star. Many Bodhisattvas (human souls of Masters) have fallen inverted, like the five pointed star, with the superior ray aiming downwards and the two inferior rays aiming upwards.
gnosticteachings.org
From Wikipedia:
Sumerian: Sumerian hieroglyphs/pictograms it is shown with two points up.
Babylonian
In the Babylonian context, the edges of the pentagram were probably orientations: forward, backward, left, right, and "above".These directions also had an astrological meaning, representing the five planets Jupiter, Mercury, Mars and Saturn, and Venus as the "Queen of Heaven" (Ishtar) above.
Pythagorus
The Pythagoreans called the pentagram ὑγιεία Hugieia ("health"; also the Greek goddess of health, Hygieia), and saw in the pentagram a mathematical perfection (see Geometry section below).
The ancient Pythagorean pentagram, with two legs up, represented the Pentemychos (πεντέμυχος "of five sanctuaries"), a cosmogony written by Pythagoras' teacher and friend Pherecydes of Syros.It was the "island" or "cave"where the first pre-cosmic-offspring had to be put in order for the cosmos to appear: "the divine products of Chronos' seed [σπέρμα spérma], when disposed in five recesses, were called Πεντέμυχος (Pentemuxos)".
from
guardiansofdarkness.com
The true Pythagorean pentacle was (and is) two points up and was considered a Pentagrammon - a house in the center, a pentagon (pentagonas) representing the Self, and the five points or blazing angles (pentalpha) represented the Pentemychos - inside the angles, and outside of them - every single line has meaning in this Master Glyph
So, the pentagram was also a symbol of the Ammon, which is Pan.
(This article is extensive, please click on the above link to read more)