Step 5: You're done...
It will still have a bitter taste but a lot less than if you had not done this.
This method can be used for many different substance extractions.
There is another way to extract caffeine by heating it until it sublimes and condensing it after it evaporates.
I've done it for acetone peroxide dissolved in acetone (it is not recommended because it is very friction sensitive so you have to keep it slightly "wet" as to not trigger an explosion).
Furthermore, if you re-dissolve the caffeine and repeat the process leaving the undissolved layer on the bottom, you can further purify your caffeine.