From my limited experience, and I am still finding what I like and what happens with various deviations, but 10-12 is a good place to start.
I have recently tried fewer coats than that and when doing the final sanding, there is less room for error or correcting.
Another thing to think about, and more style than pragmatic, is the depth of the finish. Less coats are more textured, and more coats can be made into a glass like finish.
Lately, I have been experimenting with alternating layers of medium and thin. I think, ultimately, thin layers build a better smoother finish with less coats and in less time. The medium, while you might think builds the finish faster, doesn't really. It dries slower. The risks of getting an uneven finish on your layers is higher, and then is highlighted by the next thicker layer. The thin seems to eliminate this.
I would also suggest letting the CA cure for a couple of hours before you start on the final polish. DAMHIKT. I have gotten into the habit of finishing the last bit of CA and then calling it a night in the shop.
But, like it has been said before, everyone has their own way and that goes down to the paper towel brand you use to apply it. The best advice is to find the method that provides the best finish that you like AND the method that is most consistently replicated (for you).