Using Inline View (If it is considered updateable by Oracle)
Note: If you face a non key preserved row error add an index to resolve the same to make it update-able
UPDATE
(SELECT
TESTTABLE.TEST_COLUMN AS OLD,
'Testvalue' AS NEW
FROM
TESTTABLE
INNER JOIN
MASTERTABLE
ON TESTTABLE.TESTTABLE_ID = MASTERTABLE.TESTTABLE_ID
WHERE ID_NUMBER=11) T
SET
T.OLD = T.NEW;