Combine the cold water, kosher salt, pink salt, sugar, ancho chile, and liquid smoke in a large saucepan over high heat and bring to a boil. Remove from the heat and let cool to room temperature or cool over an ice bath.
Place the breast in a large plastic container with a lid, pour the cold brine over, and cure in the refrigerator for at least 12 hours, or up to 24 hours.
Remove the turkey from the brine, rinse with cold water, and pat it dry with paper towels. Put the turkey on a sheet pan and season both sides with the paprika and black pepper. Refrigerate, uncovered, for at least 1 hour, or up to 4 hours.
Set up your smoker following the manufacturer’s instructions and
Transfer the turkey to a clean wire rack over a baking sheet and let it cool to room temperature. Tightly wrap it in plastic wrap and refrigerate for at least 4 hours, or up to 24 hours.
To serve, put the breast on a cutting board, and using a sharp chef’s knife, slice cross-wise into thin slices (see Note). Heat a few tablespoons oil in a sauté pan over high heat until it begins to shimmer and cook on both sides until golden brown, about 2 minutes per side. Bacon will last up to 1 week in the fridge, simply slice off pieces as needed.