Junior Heffernan, known as 'The Heff', was killed yesterday after hitting a car in the 41st Severn Bridge Road Race near Olveston. The race is held on open roads. It is not yet known whether the car was moving or stationary.
The crash happened on the third lap of the ten-lap race, which was immediately abandoned.
The 23-year-old, from Yelverton in Devon, had only just started riding with the Herbalife-Leisure Lakes team.
British Cycling's president, Brian Cookson, said: "This is a tragedy which will profoundly sadden everyone associated with cycling in this country. My thoughts are with Junior's family and with his friends."
A number of RIP messages have been left on Heffernan's blog.