What is your bleeding method?
Do you bleed with the heater on, cranked all the way up?
Radiator cap is certainly an easy option to try, but from your description of the problem I'm leaning towards bleeding as your problem.
The fact that it goes up (in temp) and then back to normal, I'm guessing there is a large air bubble inside moving around. The temp is probably going up when the air bubble is passing the sensor.
I have this thing to help in bleeding. It's $35 from your Snap On man.
It becomes the highest point in your cooling system. It's a great piece, I highly recommend it.
My bleeding method is like so:
Fill the radiator up with coolant/water.
Heater on, full blast.
Turn on the car.
Squeeze the radiator hoses (inlet and outlet).
I do it until I hear the thermostat kick open, and I see more water taken in by system.
Keep going until you don't see any more bubbles coming up in the yellow piece pictured above.
Works every time. Good luck.
Add water as needed while bleeding.