Day 1:
In the bowl of a stand mixer, combine 1 cup of flour and 1 tablespoon active dry yeast. Add the water and stir with a spoon. The mixture should have a cake batter consistency. Cover the bowl with plastic wrap and let it rise for 45 minutes, until doubled in size.

Note: Adding alcohol directly to the dough can prevent it from rising, so don’t add it to the dough itself.

Set the mixer to low speed and gradually add about 2 1/2 cups of the flour mixture, mixing for about 2 minutes or until combined. You may need to scrape down the sides of the bowl. The dough should be very soft and elastic. On low speed, gradually add the remaining 1 1/2 cups flour until incorporated.

With the mixer on low, gradually add the butter, a few tablespoons at a time, until fully incorporated. Continue mixing with the dough hook for 3 minutes, until the dough is silky and shiny. I added an extra 1/3 cup flour at this point.

Day 2:
Get ready to finish the dough:
Place the panettone mold on a baking sheet. If you don’t have one, you can make a homemade mold with parchment paper and a small oven-safe pot.

Drain the fruit.

Turn the dough out onto a floured work surface and roll it into a rectangle about 12 x 15 inches (30 x 38 cm); it doesn’t have to be exact.

Spread the drained fruit and almonds evenly over the dough. Use a rolling pin to press the fruit and nuts firmly into the dough.

Divide the dough and candied fruit into 2 equal parts and follow the next steps to make 2 panettones.

Shape the dough:
Fold the long sides of the fruit-covered dough into thirds, like folding a letter. You’ll have a rectangle. Then fold the bottom half up to meet the top to form a square. Shape the square to about 1 1/2 inches (3 cm) thick. Bring the corners to the center to form a ball and pinch the loose edges together. Cup your hands around the dough to round it into a ball.

Place the dough seam-side down into the panettone mold. (I used a 7 x 4 inch (17 x 10 cm) paper panettone mold.) Cover with plastic wrap and let rise in a warm place for 1 1/2 to 2 hours, or until the dough reaches the top of the mold. This may take longer if the room is cool.

Preheat the oven to 375°F (190°C).
When the dough has risen, use a sharp knife to cut a shallow cross from edge to edge. Don’t cut too deep. Place the cold piece of butter in the center of the dough.

Time to bake the panettone:
Lower the oven temperature to 325°F (160°C). Bake the panettone for 30 minutes. Then, place a piece of aluminum foil on top to prevent over-browning.

Continue baking for 40 to 45 minutes, or until golden brown and a thermometer inserted into the center reads 195°F (90°C). (Insert the thermometer from the side, through the paper, to avoid damaging the top if using a paper mold.) Remove from the oven, transfer to a rack, and let cool completely in the paper mold (if using).