If your question is: "Is it possible to store 20K characters in QR Code?", then the answer is yes, it is possible.
If your question is: "Is it possible to guarantee you'll always be able to store 20K characters in QR Code to compression?", the answer is no. There is no way to guarantee that, due to pigeonhole principle.
If your question is: "Is there a "comfortable zone" where it is highly likely that a text input, whose maximum size is 20K, will most probably fit into a QR Code?", the proper answer is: it depends on your input data. And a more risky answer is: if you're dealing with "normal text" data, such as a book content, you're probably asking for too much.
The 80-90% compression ratio you refer to is possible because input data is extremely large (several MB), and decompression algorithms are very slow. For a "small" input data, such as 20K characters, the compression ratio for a "normal text" will more likely be in the 50-70% range, depending on algorithm strength (PPM for example, is very suitable for such input data).
Obviously, if your input data is a kind of "log file", with a huge lot of repetitions, then yes, compression ratio > 95% is easily accessible.
But compression ratio is not the only thing to take into consideration. For "real-life" usage, you'll also have to consider the QR size, and a reasonable level of correction for the QR print to survive. Betting on "max capacity with lowest possible correction" is a fairly wrong bet, at least for real life scenarios. You'll have to ask around you to know what are the "reasonable limits" of your QR Code. Most probably, printing capabilities will get into the way, and you'll have to settle for something less than maximum.
Last point, don't forget that compressed data are "binary", not "alphanumeric". As a consequence, the final capacity of your QR Code is into the last column. Which is much less than the column "alphanumeric".