In Graeco-Roman religion, Bacchus was also known as Dionysus. Bacchus was the god of the grape harvest, wine-making, and wine. He was associated with ritual madness and ecstasy, particularly on account of his female worshippers, the Maenads. Given that this handle was most likely affixed to a vessel that would have been used for holding wine, this imagery is particularly apt.
To discover more about the cult of Dionysus please visit our relevant blog post: Dionysus: Madness, Release, and Wine.