I believe it depends on the encoding - UTF-32 has a limit of 2^32 characters, but UTF-8 could potentially expand infinitely (ignoring the current arbitrary 4-byte limit).
The original limit was 6 bytes encoding 31 bits, but this was lowered to 4 bytes encoding 21 bits. If I'm not mistaken, 7 bytes encoding 36 bits (or 8 bytes encoding 42 bits if you make the 0 optional) should be the hard limit.
I.e.:
Oct.1 Oct.2 Oct.3
11111111 110DDDDD DDDDDDDD (7 octets more)
\_________/
10 bits
("D"s represent data bits)
This is what'd be necessary to use UTF-8 if we'd need to go beyond the current limits of 0x010FFFF upper bound.Also, how do you plan to handle 9 leading bits instead of the 10 from your example? That would make the second byte start with 10, the marker for continuation bytes.
In my mind that will only happen as a result of extreme carelessness.