We investigate the critical behavior of the two-dimensional spin-1 Baxter-Wu model in a crystal field using entropic sampling simulations with the joint density of states. We obtain the temperaturecrystal field phase diagram, which includes a tetracritical line ending at a pentacritical point. A finite-size scaling analysis of the maximum of the specific heat, while changing the crystal field anisotropy, is used to obtain a precise location of the pentacritical point. Our results give the critical temperature and crystal field as Tpc = 0.98030(10) and Dpc = 1.68288(62). We also detect that at the first-order region of the phase diagram, the specific heat exhibits a double peak structure as in the Schottky-like anomaly, which is associated with an order-disorder transition.