Preheat the oven to 350 degrees F. Line a baking sheet with foil.
In a large bowl, combine the ground beef, crushed Ritz crackers, milk, egg, onion, green bell pepper, salt, black pepper, and garlic powder. Mix with your hands until evenly blended.
Shape the mixture into a 2-pound loaf about 8 inches long. Place it on the prepared baking sheet.
Lay the bacon slices over the top and sides of the loaf, overlapping them slightly so the meat is fully covered.
Bake for 60 to 70 minutes until the internal temperature reaches 160 degrees F and the bacon looks crisp.
Remove the loaf from the oven and let it rest for 10 minutes before slicing.