Jeroen, are you thinking it has an iron core from the longitudinal splitting at the tip, or do you have other photos of the sword? I presume you’ve seen it in person, which would be more helpful in figuring it out. Visually, there is not much info to guess from in that shot, and it looks ambiguous to me.
The serpent in my blade was done by twisting, a tight series of left and right 90° twists which I then re-squared on the corner. This gives you the sine wave on two faces, and opposing “c” figures on the other two. GEzell gets the closest-approximation prize!

Since the dark age smiths relied on twisting for most of their patterning, and did a lot of alternate twisting of bars, it fits with the processes in use at the time and wastes no more material than a solid twist. The pattern could have been done by some of those other methods, but they seem less likely to have been used "back in the day" IMHO.
I did a sword back in 2002 with a central bar of back-and-forth 180° twists, thinking that was the answer, then worked out how to REALLY do it on some practice bars, one of which I still have kicking around – I’ll take a photo so you can see what the bar looks like as you twist it.