Preheat the oven to 400 F, and place an oven-safe wire rack inside a rimmed baking sheet. Place the top rack of your oven 6" away from the bottom of your broiler.
Slice to remove and discard the tough ends of the asapargus, right where the white turns to green. Place asparagus in a bowl and toss with oil, salt, pepper and garlic powder.
Cut each piece of bacon in half lengthwise (this makes them easier to wrap!). Tightly wrap the bacon around the asparagus stalks, slightly overlapping to seal. Place the asparagus seamside down on your prepared baking sheet.
Bake on the top rack of your preheated oven for 10 minutes. Flip each asparagus using tongs, then return to the oven. Bake for an additional 10-15 minutes--until the bacon is cooked through and slightly crisp. Crank oven to broil, and broil the bacon until its crispy, about 2-3 minutes.
Notes
Want to keep your asparagus more firm? You can precook the bacon. I typically do this for about 10 minutes, then wrap the asparagus in the bacon, and continue to cook for about 10-15, or until the asparagus has softened to your liking.
If using thick-cut bacon, it's important to precook before wrapping your asparagus stalks.